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New Jersey Weekly Fuel Update and Outlook

Average retail gasoline prices in New Jersey have fallen 3.3 cents per gallon in the past week, averaging $1.97/g yesterday, according to GasBuddy’s daily survey of 3,525 gas outlets in New Jersey. This compares with the national average that has not moved  in the last week to $2.29/g, according to gasoline price website

Including the change in gas prices in New Jersey during the past week, prices yesterday were 118.2 cents per gallon lower than the same day one year ago and are 23.9 cents per gallon lower than a month ago. The national average has decreased 22.1 cents per gallon during the last month and stands 104.6 cents per gallon lower than this day one year ago.

“Retail gasoline prices should be expected to continue a slow but steady descent consistent with what typically occurs when cheaper ‘winter blend’ gasoline becomes more available as we near the beginning of the fourth quarter,” said Gregg Laskoski, GasBuddy senior petroleum analyst. “The Great Lakes region may be the only one where a decline is less likely given the jump in Chicago wholesale fuel prices late last week. The spike brought Chicago wholesale as high as Los Angeles and to a tie for the highest wholesale gasoline prices nationwide.”

And yet, even at that, LA wholesale prices are coming down and Californians have seen their state’s average price of gas fall by 40 cents a gallon in the past 30 days.  California’s state average now stands at $2.99, a milestone it hasn’t seen since February.

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